IMGCAP(1)]
Milwaukee-based Metavante Technologies inc. today reported $440.3 million in revenue for the second quarter ended June 30, up 3.6% from $424.8 million for the same period last year. Net income was $51.9 million, up 40.7% from $36.9 million. "the results for the second quarter again demonstrated the strength of our business model and our ability to execute in what continues to be a very challenging environment for both us and our clients," Chairman and CEO Frank R. Martire said in a statement. "this quarter's performance also reflects our proactive efforts to manage our cost structure and deliver strong profitability." driven by high core processing and ebanking revenue, metavante's financial solutions group generated $177.4 million in second-quarter revenue, an 8% increase from $164.2 million a year earlier. The payment solutions group reported revenue of $262.8 million, up 0.8% from $260.6 million. Pending approval by shareholders in september, Metavante expects to complete its acquisition of Fidelity National Information Services inc. by the fourth quarter.
